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Current Market Rates

Home Mortgage Rates in Pennsylvania

Home buyers in Pennsylvania will find a lot of variation throughout the state in terms of price, real estate taxation, and affordability based on local incomes. Significant differences exist between the western and eastern halves of the Keystone State, with Philadelphia serving as the state's economic center.

Current Real Estate Trends

Home prices in the Keystone State are below national averages, according to the Pennsylvania Association of Realtors. The real estate group estimates the state's median sales price at $170,000 and the average at around $214,000. Both of these are increases of roughly 4% from previous figures.

The National Association of Realtors pegs the country's median home price at $234,000 and the average at $276,000, placing Pennsylvania below the national average. Like state values, the national estimates also reflect upward movements of about 4-5%.

The real estate tracker Trulia shows a heat map of list prices in Pennsylvania. Colors vary from dark green (very low prices) to dark red (very high prices). Most of the Keystone State is green, with some orange and red in the Pittsburgh, Philadelphia, Westport, and Driftwood areas.

Recent market research reveals a median list price for condos in the state to be $169,000, and this price has been steadily increasing for several years. The national median list price for condos is roughly $260,000; so Pennsylvania is significantly cheaper here as well.

The latest property research also shows below average prices for 4-bedroom homes in the Keystone State. The national average is $350,000, while Pennsylvanians typically pay just $305,000.

The western half of Pennsylvania tends to have lower property values than the eastern half. The state's Association of Realtors has calculated that while closing prices have increased recently, the number of homes for sale has actually decreased. The group estimates the total number of residential units on the market in the state to be roughly 55,000.

The property group also estimates the affordability in the Keystone State to be roughly 190. This means that the median household income in Pennsylvania is 190% of the salary that lenders generally require to purchase the average house with current interest rates. The higher this number, the more affordable houses are in a region. The national average is in the low 160's.

Historical Real Estate Trends

The Reinvestment Fund, a community services organization headquartered in Philadelphia, published a pamphlet in 2007 noting that, “High percentages of subprime loans in the sample for Pennsylvania have adjustable rate mortgages. This suggests that numerous homeowners will be subject to a significant increase in the interest rate on their loan—and higher monthly mortgage payments—in the short term.” How prophetic that was.

The number of foreclosures in the state did in fact increase after the Great Recession of 2007, but not significantly so. According to data stretching back to 1979 that was obtained from the Reinvestment Fund, Pennsylvania has had above-average foreclosure rates for many years.

According to The Keystone Research Center, a 501(c)(3) economic think tank, housing prices before the mortgage crisis were highly inflated. The group estimates that property values increased by more than 50% from 2001 to 2006. By comparison, the consumer price index increased only 13% during this time. The state's housing prices between these years grew more quickly than both the cost of renting and the cost of construction.

The Keystone Research Center also notes that subprime mortgages in some areas of the state prior to the housing debacle made up over 35% of all mortgages. The group identified some neighborhoods that were as high as 80%.

Pennsylvania did not experience a quick recovery from the Recession. According to the Housing Alliance of Pennsylvania, the state experienced a rise in foreclosure filings from 2009 to 2010. The foreclosure rate fell in 2011.

Despite the difficulties the Keystone State has faced since the real estate market crisis, there are signs of recovery. For instance, after bottoming out in 2012, home values in Pennsylvania have been rising ever since, and real estate experts predict they will continue to do so. This trend has been observed with condos, single-family homes, and across all price levels.

The boom associated with the tech market bubble of the late 1990s drove Pennsylvania homeownership to a peak of 75.2% in 1999. The repeated boom and bust cycles since then have driven the rate of home ownership down to 68.5% in 2016.

A Look Around The State

Metropolitan Areas

PA Rank

US Rank

Metropolitan Area

2016 Pop

2010 Pop

Change

% △

1

1

New York-Newark-Jersey City, NY-NJ-PA Metro Area

20,153,634

19,567,410

586,224

3.00%

2

7

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Metro Area

6,070,500

5,965,343

105,157

1.76%

3

26

Pittsburgh

2,342,299

2,356,285

-13,986

-0.59%

4

69

Allentown-Bethlehem-Easton

835,652

821,173

14,479

1.76%

5

96

Harrisburg-Carlisle

568,033

549,475

18,558

3.38%

6

99

Scranton--Wilkes-Barre--Hazleton

555,225

563,631

-8,406

-1.49%

7

101

Youngstown-Warren-Boardman

544,746

565,773

-21,027

-3.72%

8

103

Lancaster

538,500

519,445

19,055

3.67%

9

120

York-Hanover

443,744

434,972

8,772

2.02%

10

129

Reading

414,812

411,442

3,370

0.82%

11

172

Erie

276,207

280,566

-4,359

-1.55%

12

255

East Stroudsburg

166,098

169,842

-3,744

-2.20%

13

259

State College

161,464

153,990

7,474

4.85%

14

269

Chambersburg-Waynesboro

153,851

149,618

4,233

2.83%

15

294

Pottsville

143,573

148,289

-4,716

-3.18%

16

300

Lebanon

138,863

133,568

5,295

3.96%

17

308

Johnstown

134,732

143,679

-8,947

-6.23%

18

327

Altoona

124,650

127,089

-2,439

-1.92%

19

349

Williamsport

115,248

116,111

-863

-0.74%

20

378

Gettysburg

102,180

101,407

773

0.76%

21

407

Sunbury

92,541

94,528

-1,987

-2.10%

22

418

New Castle

87,294

91,108

-3,814

-4.19%

23

419

Indiana

86,364

88,880

-2,516

-2.83%

24

421

Meadville

86,257

88,765

-2,508

-2.83%

25

428

Bloomsburg-Berwick

84,763

85,562

-799

-0.93%

26

444

DuBois

80,596

81,642

-1,046

-1.28%

27

464

Somerset

75,061

77,742

-2,681

-3.45%

28

525

Sayre

60,770

62,622

-1,852

-2.96%

29

575

Oil City

52,582

54,984

-2,402

-4.37%

30

623

Lewistown

46,342

46,682

-340

-0.73%

31

631

Huntingdon

45,634

45,913

-279

-0.61%

32

635

Lewisburg

45,565

44,947

618

1.37%

33

674

Bradford

41,883

43,450

-1,567

-3.61%

34

688

Selinsgrove

40,468

39,702

766

1.93%

35

697

Warren

40,025

41,815

-1,790

-4.28%

36

703

Lock Haven

39,233

39,238

-5

-0.01%

37

812

St. Marys

30,480

31,946

-1,466

-4.59%

Favored Cities in Pennsylvania

Philadelphia

The largest city in the Keystone State is Philadelphia, aka The City of Brotherly Love. With a population of over 1.5 million it easily dwarfs the next biggest city, Pittsburgh, which has just 300,000 residents.

Philadelphia is the center of the state's economy, hosting the headquarters of several major companies, including Comcast, Colonial Penn, and Pep Boys. Hospitals and universities also provide many jobs. Unemployment has been a problem in the city, however, with above-average data. Because of Philadelphia's colonial past, the city has a robust tourism industry, with millions visitors and billions of dollars of revenue each year.

The real estate tracker Trulia estimates the median sales price in The City of Brotherly Love to be $172,000. This is an average; downtown Philly and outlying areas will be more expensive. The figure is about a 3% annualized increase over the past several years. On average, there are about 3,000 sales per month. Winters usually see a slower pace of buying activity in the city.

The U.S. Census Bureau estimates the median income in Philadelphia County, which is coterminous with the city, to be just under $39,000. Compared to Trulia's median sales price, we calculate a price-to-income ratio of 4.4. This is a little high; but other regions of the country have higher values. Tucson, Arizona, for example, is at 4.6.

Philadelphia is one of the fastest growing cities in the Keystone State. It has seen its population grow by more than 100,000 residents in a decade. No doubt, the city's vibrant economy is the driving engine behind its population growth.

Pittsburgh

Out west, there is of course Pittsburgh. Times have changed, and the steel industry is no longer the biggest employer. Today, finance, education, and health care create more jobs. The University of Pittsburgh Medical Center is the region's biggest employer. Carnegie Mellon University has a world-renowned computer science program.

The National Association of Realtors places the median list price in Pittsburgh at $170,000 with a closing price of just $164,000. Combined with the Census Bureau's median income estimate of $42,000, we calculate a price-to-income ratio of 3.9.

Sports fans have a broad range of options to choose from with the Steelers, Pirates and Penguins calling the city home.

Other Locations

Philadelphia & Pittsburgh dosn't have the lowest housing prices around. To find these in Pennsylvania, you can head northwest to Bradford. This small town is located on the state's border with New York. Bradford has a population of less than 9,000, but still has some significant employers including Zippo, the manufacture of lighters. The knife company Case also has a presence in the town. Wal-Mart and a local hospital provide jobs.

The median sales price of a home in Bradford is a very low $70,000. The U.S. Census Bureau lists the median value of owner-occupied houses to be roughly $76,000. The government's census also estimates the median annual household income to be $44,000 in McKean County, which encompasses Bradford. This produces a price-to-income metric of 1.6, which is fantastic by any standard.

Pike County, in the upper northeastern corner, is a popular area. The Poconos area is an area rich in recreational activities, lots of lakes, rivers and waterfalls, and brags much Federal and State Parkland. Though prices tend to be higher than the rest of the state, they have also been much less volatile than elsewhere in the US. This is a scenic area, and is easily commutable to NYC for weekending trips. Lake Wallenpaupack is a popular local recreational area. Milford PA is the local destination for art and antique lovers.

Lancaster offers good amenities and reasonably stable values. The area is growing, and prices are starting to edge up. There's a good mix of new construction, late model homes, and historic properties. Lancaster is in the heart of Amish Country, and is surrounded by beautiful farmland dotted with old Mennonite stone barns. Adamstown, a popular antiquing destination, is nearby, as is Harrisburg, the state capitol.

The New Hope area is a scenic Upper Bucks County enclave which offers a high quality of life. The New Hope and Lambertville area has always been known as an artists' colony, and there is a theater, great restaurants, some night life featuring live music most nights of the week, and lots of galleries and antique shops. New Hope is easily commutable to Philadelphia and NYC.

Pennsylvania has approved gambling, and some areas in PA now have open casinos, with others planned. The Sands opened a casino in Bethlehem. Pittsburgh also has a casino just outside the city at The Meadows Racetrack. Mount Airy Casino and Resort in the Poconos is now open. Bensalem, Chester, Erie, Grantville, and Wilkes-Barre also have open casinos. Table gambling has been approved statewide. This has helped to keep the Commonwealth from suffering the financial woes that other states have suffered, though budgets are still tight in Harrisburg. Residents were reluctant to see the casinos open, but surprisingly there has been little downside after their opening.

One possible real estate-related issue is the exploitation of the Marcellus Shale Formation for gas extraction by "fracking", though PA is far from alone on this issue, and grassroots activists have united across the country and multiple fracking documentaries have been produced. There have been some disturbing reports of water pollution, methane gas leaking and explosions, mysteriously dead farm animals, and the devastation to woodland and farmland caused by gas drilling companies. Before purchasing it may be wise to do some homework about what's happening in the area you're considering in regards to gas extraction.

Pennsylvania Census Data

According to the United States census an estimated 12,784,227 people live in the state of Pennsylvania. The state has 44,742.7 mi² of land area, which gave it a population density of 283.9 per mi². Here is a list of cities, towns, townships, municipalities & boroughs with more than 10,000 residents, with their estimated population as of June 2016 & the 2010 United States Census. For Census Designated Places (CDP) where there was no population estimate available for 2016, the 2011-2015 American Community Survey 5-Year Estimates data was used.

All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.

Rank

Geography

County

2016 Pop

2010 Pop

Change

% △

Land mi²

Pop Den mi²

1

Philadelphia

Philadelphia

1,567,872

1,526,006

41,866

2.74%

134.1

11,691.81

2

Pittsburgh

Allegheny

303,625

305,704

-2,079

-0.68%

55.37

5,483.57

3

Allentown

Lehigh

120,443

118,032

2,411

2.04%

17.55

6,862.85

4

Erie

Erie

98,593

101,786

-3,193

-3.14%

19.08

5,167.35

5

Reading

Berks

87,575

88,082

-507

-0.58%

9.88

8,863.87

Upper Darby township

Delaware

82,629

82,795

-166

-0.20%

7.83

10,552.87

6

Scranton

Lackawanna

77,291

76,089

1,202

1.58%

25.31

3,053.77

7

Bethlehem

Northampton & Lehigh

75,293

74,982

311

0.41%

19.1

3,942.04

Bensalem township

Bucks

60,329

60,427

-98

-0.16%

19.84

3,040.78

8

Lancaster

Lancaster

59,218

59,322

-104

-0.18%

7.23

8,190.59

Lower Merion township

Montgomery

58,288

57,825

463

0.80%

23.67

2,462.53

Abington township

Montgomery

55,577

55,310

267

0.48%

15.51

3,583.30

Millcreek township

Erie

53,773

53,515

258

0.48%

32.07

1,676.74

Bristol township

Bucks

53,771

54,582

-811

-1.49%

15.94

3,373.34

Levittown CDP

Bucks

51805

52,983

-1,178

-2.22%

10.16

5,098.92

Haverford township

Delaware

49,029

48,491

538

1.11%

9.95

4,927.54

9

Harrisburg

Dauphin

48,904

49,528

-624

-1.26%

8.13

6,015.25

Lower Paxton township

Dauphin

48,740

47,360

1,380

2.91%

28.17

1,730.21

Middletown township

Bucks

45,299

45,436

-137

-0.30%

18.9

2,396.77

10

Altoona

Blair

44,589

46,320

-1,731

-3.74%

9.91

4,499.39

11

York

York

43,859

43,718

141

0.32%

5.29

8,290.93

12

State College borough

Centre

41,992

42,034

-42

-0.10%

4.56

9,208.77

Penn Hills township

Allegheny

41,555

42,329

-774

-1.83%

19.12

2,173.38

Hempfield township

Westmoreland

41,335

43,241

-1,906

-4.41%

76.73

538.71

13

Wilkes-Barre

Luzerne

40,569

41,498

-929

-2.24%

6.98

5,812.18

Manheim township

Lancaster

39,893

38,133

1,760

4.62%

23.86

1,671.96

Northampton township

Bucks

39,443

39,726

-283

-0.71%

25.68

1,535.94

Cheltenham township

Montgomery

37,103

36,793

310

0.84%

9.04

4,104.31

14

Norristown borough

Montgomery

34,370

34,324

46

0.13%

3.52

9,764.20

15

Chester

Delaware

33,988

33,972

16

0.05%

4.84

7,022.31

Falls township

Bucks

33,714

34,300

-586

-1.71%

21.26

1,585.79

Lower Makefield township

Bucks

32,749

32,559

190

0.58%

17.87

1,832.62

Mount Lebanon township

Allegheny

32,475

33,137

-662

-2.00%

6.08

5,341.28

Warminster township

Bucks

32,460

32,682

-222

-0.68%

10.16

3,194.88

Lower Macungie township

Lehigh

31,964

30,633

1,331

4.34%

22.35

1,430.16

16

Bethel Park

Allegheny

31,911

32,313

-402

-1.24%

11.67

2,734.45

Radnor township

Delaware

31,814

31,531

283

0.90%

13.78

2,308.71

Ridley township

Delaware

31,038

30,768

270

0.88%

5.12

6,062.11

Ross township

Allegheny

30,745

31,105

-360

-1.16%

14.47

2,124.74

Cranberry township

Butler

30,739

28,098

2,641

9.40%

22.82

1,347.02

North Huntingdon township

Westmoreland

30,681

30,609

72

0.24%

27.26

1,125.50

Hampden township

Cumberland

29,585

28,044

1,541

5.49%

17.34

1,706.17

Tredyffrin township

Chester

29,423

29,332

91

0.31%

19.76

1,489.02

17

Williamsport

Lycoming

28,834

29,381

-547

-1.86%

8.73

3,302.86

McCandless township

Allegheny

28,755

28,457

298

1.05%

16.5

1,742.73

Upper Merion township

Montgomery

28,640

28,395

245

0.86%

16.96

1,688.68

York township

York

28,469

27,793

676

2.43%

25.24

1,127.93

Shaler township

Allegheny

28,286

28,757

-471

-1.64%

11.08

2,552.89

Drexel Hill CDP

Delaware

27999

28,043

-44

-0.16%

3.19

8,777.12

18

Monroeville

Allegheny

27,953

28,386

-433

-1.53%

19.74

1,416.06

Whitehall township

Lehigh

27,423

26,738

685

2.56%

12.57

2,181.62

19

Plum borough

Allegheny

27,399

27,126

273

1.01%

28.58

958.68

Spring township

Berks

27,388

27,119

269

0.99%

18.48

1,482.03

20

Easton

Northampton

26,978

26,800

178

0.66%

4.07

6,628.50

Springettsbury township

York

26,864

26,668

196

0.73%

16.38

1,640.05

Horsham township

Montgomery

26,645

26,147

498

1.90%

17.32

1,538.39

Lower Providence township

Montgomery

26,617

25,436

1,181

4.64%

15.25

1,745.38

Upper Dublin township

Montgomery

26,225

25,569

656

2.57%

13.23

1,982.24

Montgomery township

Montgomery

26,143

24,790

1,353

5.46%

10.63

2,459.36

Exeter township

Berks

25,797

25,550

247

0.97%

24.23

1,064.67

21

Lebanon

Lebanon

25,726

25,477

249

0.98%

4.17

6,169.30

Moon township

Allegheny

25,580

24,185

1,395

5.77%

23.92

1,069.40

Derry township

Dauphin

25,025

24,679

346

1.40%

27.2

920.04

Susquehanna township

Dauphin

24,913

24,036

877

3.65%

13.34

1,867.54

22

Hazleton

Luzerne

24,659

25,340

-681

-2.69%

6.01

4,103.00

Swatara township

Dauphin

24,651

23,362

1,289

5.52%

13.05

1,888.97

East Hempfield township

Lancaster

24,366

23,522

844

3.59%

21.07

1,156.43

Springfield township

Delaware

24,342

24,211

131

0.54%

6.32

3,851.58

Warrington township

Bucks

24,227

23,418

809

3.45%

13.7

1,768.39

Upper Moreland township

Montgomery

24,210

24,015

195

0.81%

7.97

3,037.64

Upper Macungie township

Lehigh

23,884

20,063

3,821

19.05%

26.07

916.15

Upper Providence township

Montgomery

23,853

21,219

2,634

12.41%

17.81

1,339.30

Marple township

Delaware

23,780

23,428

352

1.50%

10.2

2,331.37

Bethlehem township

Northampton

23,592

23,730

-138

-0.58%

14.38

1,640.61

West Goshen township

Chester

23,037

21,866

1,171

5.36%

11.85

1,944.05

23

Pottstown borough

Montgomery

22,661

22,377

284

1.27%

4.89

4,634.15

Unity township

Westmoreland

22,324

22,607

-283

-1.25%

67.44

331.02

Peters township

Washington

22,143

21,213

930

4.38%

19.55

1,132.63

24

New Castle

Lawrence

22,142

23,273

-1,131

-4.86%

8.31

2,664.50

Allison Park CDP

Allegheny

21864

21,552

312

1.45%

13.84

1,579.77

East Pennsboro township

Cumberland

21,633

20,228

1,405

6.95%

10.39

2,082.10

Palmer township

Northampton

21,469

20,691

778

3.76%

10.75

1,997.12

Dover township

York

21,464

21,078

386

1.83%

41.56

516.46

Manor township

Lancaster

20,756

19,612

1,144

5.83%

38.33

541.51

25

Chambersburg borough

Franklin

20,691

20,268

423

2.09%

6.92

2,990.03

Buckingham township

Bucks

20,306

20,075

231

1.15%

32.88

617.58

Coolbaugh township

Monroe

20,210

20,564

-354

-1.72%

86.21

234.43

Muhlenberg township

Berks

20,082

19,628

454

2.31%

11.78

1,704.75

26

Murrysville

Westmoreland

20,042

20,079

-37

-0.18%

36.84

544.03

27

West Chester borough

Chester

19,928

18,461

1,467

7.95%

1.85

10,771.89

28

West Mifflin borough

Allegheny

19,921

20,313

-392

-1.93%

14.21

1,401.90

Upper Allen township

Cumberland

19,818

18,059

1,759

9.74%

13.2

1,501.36

Upper St. Clair township

Allegheny

19,813

19,229

584

3.04%

9.82

2,017.62

South Whitehall township

Lehigh

19,794

19,180

614

3.20%

17.08

1,158.90

King of Prussia CDP

Montgomery

19761

19,936

-175

-0.88%

8.49

2,327.56

29

Baldwin borough

Allegheny

19,734

19,767

-33

-0.17%

5.78

3,414.19

Newtown township

Bucks

19,720

19,299

421

2.18%

11.9

1,657.14

30

Johnstown

Cambria

19,712

20,978

-1,266

-6.03%

5.89

3,346.69

Springfield township

Montgomery

19,685

19,418

267

1.38%

6.78

2,903.39

Penn township

Westmoreland

19,580

20,005

-425

-2.12%

30.76

636.54

Lower Allen township

Cumberland

19,366

17,980

1,386

7.71%

10.13

1,911.75

Ferguson township

Centre

19,350

17,690

1,660

9.38%

47.65

406.09

Whitpain township

Montgomery

19,308

18,875

433

2.29%

12.85

1,502.57

31

McKeesport

Allegheny

19,273

19,731

-458

-2.32%

5.04

3,824.01

32

Carlisle borough

Cumberland

19,162

18,682

480

2.57%

5.53

3,465.10

Lower Southampton township

Bucks

19,093

18,909

184

0.97%

6.69

2,853.96

Limerick township

Montgomery

18,994

18,074

920

5.09%

22.51

843.80

Uwchlan township

Chester

18,977

18,088

889

4.91%

10.4

1,824.71

West Manchester township

York

18,870

18,894

-24

-0.13%

19.94

946.34

Stroud township

Monroe

18,703

19,213

-510

-2.65%

31.05

602.35

Manchester township

York

18,567

18,161

406

2.24%

15.88

1,169.21

Warwick township

Lancaster

18,559

17,783

776

4.36%

19.78

938.27

Hampton township

Allegheny

18,440

18,363

77

0.42%

16.2

1,138.27

West Whiteland township

Chester

18,410

18,274

136

0.74%

12.83

1,434.92

Towamencin township

Montgomery

18,355

17,578

777

4.42%

9.68

1,896.18

East Goshen township

Chester

18,265

18,026

239

1.33%

10.05

1,817.41

Windsor township

York

17,970

17,504

466

2.66%

27.28

658.72

Whitemarsh township

Montgomery

17,795

17,349

446

2.57%

14.59

1,219.67

Concord township

Delaware

17,726

17,231

495

2.87%

13.62

1,301.47

Plymouth township

Montgomery

17,642

16,525

1,117

6.76%

8.39

2,102.74

Doylestown township

Bucks

17,559

17,565

-6

-0.03%

15.32

1,146.15

Hatfield township

Montgomery

17,557

17,249

308

1.79%

9.94

1,766.30

Greene township

Franklin

17,554

16,700

854

5.11%

57.3

306.35

Harborcreek township

Erie

17,517

17,234

283

1.64%

34.09

513.85

Fairview township

York

17,294

16,668

626

3.76%

116.73

148.15

Lancaster township

Lancaster

17,077

16,149

928

5.75%

5.85

2,919.15

Upper Chichester township

Delaware

16,992

16,738

254

1.52%

6.69

2,539.91

East Lampeter township

Lancaster

16,966

16,424

542

3.30%

19.66

862.97

Silver Spring township

Cumberland

16,954

13,657

3,297

24.14%

32.31

524.73

33

Phoenixville borough

Chester

16,885

16,440

445

2.71%

3.51

4,810.54

Butler township

Butler

16,770

17,248

-478

-2.77%

21.62

775.67

Scott township

Allegheny

16,732

17,024

-292

-1.72%

3.91

4,279.28

Aston township

Delaware

16,706

16,592

114

0.69%

5.84

2,860.62

Chestnuthill township

Monroe

16,612

17,156

-544

-3.17%

37.38

444.41

34

Lansdale borough

Montgomery

16,521

16,269

252

1.55%

2.99

5,525.42

West Hempfield township

Lancaster

16,488

16,153

335

2.07%

18.45

893.66

Upper Saucon township

Lehigh

16,462

14,808

1,654

11.17%

24.46

673.02

Penn township

York

16,282

15,612

670

4.29%

12.94

1,258.27

North Whitehall township

Lehigh

16,255

15,703

552

3.52%

28.06

579.29

Patton township

Centre

15,988

15,311

677

4.42%

24.53

651.77

Middletown township

Delaware

15,984

15,807

177

1.12%

13.47

1,186.64

Upper Gwynedd township

Montgomery

15,975

15,552

423

2.72%

8.13

1,964.94

White township

Indiana

15,968

15,821

147

0.93%

42.35

377.05

West Lampeter township

Lancaster

15,952

15,209

743

4.89%

16.4

972.68

35

Hermitage

Mercer

15,867

16,220

-353

-2.18%

29.24

542.65

West Norriton township

Montgomery

15,766

15,663

103

0.66%

5.89

2,676.74

Fullerton CDP

Lehigh

15662

14,925

737

4.94%

3.68

4,255.98

Middle Smithfield township

Monroe

15,647

15,997

-350

-2.19%

53.12

294.56

36

Wilkinsburg borough

Allegheny

15,586

15,930

-344

-2.16%

2.25

6,927.11

South Fayette township

Allegheny

15,576

14,416

1,160

8.05%

20.38

764.28

37

Hanover borough

York

15,561

15,289

272

1.78%

3.71

4,194.34

Antrim township

Franklin

15,547

14,893

654

4.39%

70.24

221.34

Willow Grove CDP

Montgomery

15545

15,726

-181

-1.15%

3.66

4,247.27

Newberry township

York

15,495

15,285

210

1.37%

30.41

509.54

Forks township

Northampton

15,417

14,721

696

4.73%

12.11

1,273.08

Lower Salford township

Montgomery

15,416

14,959

457

3.06%

14.44

1,067.59

South Middleton township

Cumberland

15,352

14,663

689

4.70%

48.71

315.17

Cumru township

Berks

15,334

15,147

187

1.23%

20.9

733.68

Hilltown township

Bucks

15,243

15,029

214

1.42%

26.97

565.18

Upper Southampton township

Bucks

15,041

15,152

-111

-0.73%

6.62

2,272.05

Guilford township

Franklin

14,793

14,531

262

1.80%

51.02

289.95

Skippack township

Montgomery

14,726

13,715

1,011

7.37%

13.84

1,064.02

Warwick township

Bucks

14,632

14,437

195

1.35%

10.97

1,333.82

Horsham CDP

Montgomery

14587

14,842

-255

-1.72%

5.47

2,666.73

38

Bloomsburg

Columbia

14,586

14,855

-269

-1.81%

4.35

3,353.10

Washington township

Franklin

14,586

14,009

577

4.12%

39.05

373.52

North Strabane township

Washington

14,580

13,408

1,172

8.74%

27.26

534.85

North Fayette township

Allegheny

14,554

13,934

620

4.45%

25.18

578.00

39

Franklin Park borough

Allegheny

14,518

13,470

1,048

7.78%

13.52

1,073.82

Hershey CDP

Dauphin

14469

14,257

212

1.49%

14.36

1,007.59

40

Greensburg

Westmoreland

14,430

14,892

-462

-3.10%

4.06

3,554.19

Derry township

Westmoreland

14,108

14,502

-394

-2.72%

95.09

148.36

Caln township

Chester

14,097

13,817

280

2.03%

8.86

1,591.08

East Norriton township

Montgomery

14,080

13,590

490

3.61%

6.05

2,327.27

41

Indiana borough

Indiana

13,981

13,975

6

0.04%

1.76

7,943.75

42

Ephrata borough

Lancaster

13,833

13,394

439

3.28%

3.42

4,044.74

Nether Providence township

Delaware

13,779

13,706

73

0.53%

4.71

2,925.48

Salisbury township

Lehigh

13,763

13,505

258

1.91%

11.17

1,232.14

43

Whitehall borough

Allegheny

13,749

13,944

-195

-1.40%

3.33

4,128.83

44

Pottsville

Schuylkill

13,738

14,324

-586

-4.09%

4.17

3,294.48

Robinson township

Allegheny

13,719

13,354

365

2.73%

14.91

920.12

Plumstead township

Bucks

13,687

12,442

1,245

10.01%

27.16

503.94

Adams township

Butler

13,546

11,652

1,894

16.25%

22.4

604.73

45

Washington

Washington

13,514

13,663

-149

-1.09%

2.95

4,581.02

46

Sharon

Mercer

13,405

14,038

-633

-4.51%

3.77

3,555.70

South Park township

Allegheny

13,379

13,416

-37

-0.28%

9.27

1,443.26

Franconia township

Montgomery

13,263

13,064

199

1.52%

13.83

959.00

Lower Moreland township

Montgomery

13,213

12,982

231

1.78%

7.28

1,814.97

Richland township

Bucks

13,200

13,052

148

1.13%

20.65

639.23

Colonial Park CDP

Dauphin

13196

13,229

-33

-0.25%

4.76

2,772.27

47

Dunmore borough

Lackawanna

13,187

14,057

-870

-6.19%

8.92

1,478.36

48

Butler

Butler

13,155

13,757

-602

-4.38%

2.72

4,836.40

Elizabeth township

Allegheny

13,107

13,271

-164

-1.24%

22.83

574.11

Montgomeryville CDP

Montgomery

13104

12,624

480

3.80%

4.76

2,752.94

49

Coatesville

Chester

13,064

13,100

-36

-0.27%

1.81

7,217.68

Newtown township

Delaware

13,047

12,216

831

6.80%

10.02

1,302.10

50

Meadville

Crawford

12,964

13,388

-424

-3.17%

4.38

2,959.82

Spring Garden township

York

12,963

12,578

385

3.06%

6.76

1,917.60

Pine township

Allegheny

12,937

11,497

1,440

12.53%

16.96

762.79

Amity township

Berks

12,874

12,583

291

2.31%

18.17

708.53

51

Kingston borough

Luzerne

12,861

13,182

-321

-2.44%

2.13

6,038.03

West Bradford township

Chester

12,858

12,223

635

5.20%

18.5

695.03

New Hanover township

Montgomery

12,776

10,939

1,837

16.79%

21.68

589.30

Ardmore CDP

Montgomery & Delaware

12698

12,455

243

1.95%

1.97

6,445.69

Weigelstown CDP

York

12684

12,875

-191

-1.48%

5.81

2,183.13

52

New Kensington

Westmoreland

12,592

13,116

-524

-4.00%

3.95

3,187.85

Logan township

Blair

12,561

12,289

272

2.21%

46.39

270.77

Carnot-Moon CDP

Allegheny

12546

11,372

1,174

10.32%

5.98

2,097.99

53

St. Marys

Elk

12,499

13,070

-571

-4.37%

99.32

125.85

Fernway CDP

Butler

12,414

12,414

0

0.00%

5.38

2,307.43

Cecil township

Washington

12,412

11,271

1,141

10.12%

26.3

471.94

Hopewell township

Beaver

12,382

12,593

-211

-1.68%

16.76

738.78

North Union township

Fayette

12,360

12,728

-368

-2.89%

39.02

316.76

Richland township

Cambria

12,244

12,814

-570

-4.45%

20.59

594.66

Somerset township

Somerset

12,231

12,122

109

0.90%

64.17

190.60

Lower Pottsgrove township

Montgomery

12,164

12,059

105

0.87%

7.92

1,535.86

New Garden township

Chester

12,053

11,984

69

0.58%

16.11

748.17

West Deer township

Allegheny

11,902

11,771

131

1.11%

28.87

412.26

North Lebanon township

Lebanon

11,897

11,429

468

4.09%

16.75

710.27

Rapho township

Lancaster

11,820

10,442

1,378

13.20%

47.42

249.26

Center township

Beaver

11,652

11,795

-143

-1.21%

15.05

774.22

Shiloh CDP

York

11652

11,218

434

3.87%

4.22

2,761.14

54

Elizabethtown borough

Lancaster

11,629

11,545

84

0.73%

2.64

4,404.92

Hanover township

Northampton

11,575

10,866

709

6.52%

6.55

1,767.18

Dingman township

Pike

11,559

11,926

-367

-3.08%

58.19

198.64

Lower Gwynedd township

Montgomery

11,558

11,405

153

1.34%

9.3

1,242.80

North Middleton township

Cumberland

11,558

11,143

415

3.72%

23.19

498.40

East Whiteland township

Chester

11,517

10,650

867

8.14%

10.94

1,052.74

Richland township

Allegheny

11,515

11,100

415

3.74%

14.63

787.08

Upper Uwchlan township

Chester

11,500

11,227

273

2.43%

10.89

1,056.01

55

Yeadon borough

Delaware

11,493

11,443

50

0.44%

1.59

7,228.30

Salisbury township

Lancaster

11,408

11,062

346

3.13%

41.76

273.18

56

Emmaus borough

Lehigh

11,394

11,211

183

1.63%

2.89

3,942.56

Mountain Top CDP

Luzerne

11378

10,982

396

3.61%

15.04

756.52

57

Lower Burrell

Westmoreland

11,367

11,761

-394

-3.35%

11.26

1,009.50

58

Jefferson Hills borough

Allegheny

11,307

10,619

688

6.48%

16.52

684.44

New Britain township

Bucks

11,199

11,070

129

1.17%

14.76

758.74

59

Munhall borough

Allegheny

11,177

11,406

-229

-2.01%

2.3

4,859.57

Hamilton township

Franklin

11,155

10,788

367

3.40%

35.54

313.87

Loyalsock township

Lycoming

11,148

11,026

122

1.11%

21.15

527.09

Rostraver township

Westmoreland

11,090

11,363

-273

-2.40%

32.28

343.56

Willistown township

Chester

10,898

10,497

401

3.82%

18.11

601.77

Westtown township

Chester

10,865

10,827

38

0.35%

8.66

1,254.62

Hanover township

Luzerne

10,860

11,076

-216

-1.95%

18.87

575.52

Broomall CDP

Delaware

10859

10,789

70

0.65%

2.89

3,757.44

60

Waynesboro borough

Franklin

10,845

10,568

277

2.62%

3.41

3,180.35

Lower Saucon township

Northampton

10,813

10,772

41

0.38%

24.27

445.53

Pocono township

Monroe

10,757

11,065

-308

-2.78%

34.24

314.16

Sandy township

Clearfield

10,656

10,625

31

0.29%

51.96

205.08

61

Darby borough

Delaware

10,654

10,687

-33

-0.31%

0.84

12,683.33

62

Lansdowne borough

Delaware

10,606

10,620

-14

-0.13%

1.18

8,988.14

Easttown township

Chester

10,594

10,477

117

1.12%

8.23

1,287.24

South Union township

Fayette

10,575

10,681

-106

-0.99%

16.76

630.97

Mount Pleasant township

Westmoreland

10,568

10,911

-343

-3.14%

55.94

188.92

East Cocalico township

Lancaster

10,495

10,310

185

1.79%

20.43

513.71

Douglass township

Montgomery

10,489

10,195

294

2.88%

15.29

686.00

Upper Providence township

Delaware

10,446

10,142

304

3.00%

5.6

1,865.36

63

Wyomissing borough

Berks

10,420

10,461

-41

-0.39%

4.48

2,325.89

Lehigh township

Northampton

10,419

10,526

-107

-1.02%

29.28

355.84

Harrison township

Allegheny

10,372

10,461

-89

-0.85%

7.36

1,409.24

64

Columbia borough

Lancaster

10,359

10,400

-41

-0.39%

2.41

4,298.34

Coal township

Northumberland

10,351

10,383

-32

-0.31%

26.36

392.68

Lehman township

Pike

10,286

10,663

-377

-3.54%

48.94

210.18

Woodlyn CDP

Delaware

10249

9,485

764

8.05%

1.67

6,137.13

66

Nanticoke

Luzerne

10,189

10,465

-276

-2.64%

3.46

2,944.80

65

East Stroudsburg borough

Monroe

10,189

9,840

349

3.55%

2.84

3,587.68

Fairview township

Erie

10,150

10,102

48

0.48%

28.97

350.36

67

Berwick borough

Columbia

10,138

10,477

-339

-3.24%

3.08

3,291.56

North Versailles township

Allegheny

10,087

10,229

-142

-1.39%

8.02

1,257.73

West Hanover township

Dauphin

10,043

9343

700

7.49%

23.21

432.70

68

Oil City

Venango

10,017

10,557

-540

-5.12%

4.49

2,230.96

69

Uniontown

Fayette

9,942

10,372

-430

-4.15%

2.04

4,873.53

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.

Qualifying for a Home Loan

Conforming Mortgages

A variety of home loans are available in the Keystone State. These include fixed-rate and adjustable-rate mortgages. The fixed-rate products have APR's that don't fluctuate through the term of the loan—hence, the term fixed. They come in 10, 15, 20, and 30-year terms.

Adjustable-rate loans frequently offer lower initial APR's than 30-year fixed mortgages. But there is one caveat to these products: their interests change while you're living in the house. The initial rate typically lasts 3, 5, 7, or 10 years, depending on the terms of the ARM loan. Then it will change once per year. Balloon mortgages are another route for aspiring homeowners. Balloon mortgages are when a large portion of the borrowed principle is repaid in a single payment at the end of the loan period. Balloon loans are not common for most residential buyers, but are more common for commercial loans and people with significant financial assets.

As a general rule of thumb, coming to the table with a 20 percent down payment is usually the best approach. This down payment requirement does not apply for Federal assistance programs such as FHA, in which applicants can have a lower credit score and income but still receive financing. The piggyback loan is another type of mortgage which is simply two mortgages in one. The piggyback loan can eliminate the need for private mortgage insurance by covering 80% of the home's value with the first loan, while the second loan helps to pay for part of the down payment.

As of 2019 the conforming loan limit across the United States is set to $484,350, with a ceiling of 150% that amount in areas where median home values are higher. High local affordability makes the $484,350 ceiling apply nearly statewide for single unit homes. Dual unit homes have a limit of $620,200, triple unit homes have a limit of $749,650 & quadruple unit homes have a limit of $931,600.

The one exception to the above is Pike County, which is considered a HERA High Cost Area with 2019 conforming loan limits of $726,525, $930,300, $1,124,475 & $1,397,400 for 1, 2, 3 & 4 unit dwellings.

Government Financial Assistance Programs

Home buyers who don't meet these standards might qualify for attractive terms with a government program. The Veterans Administration offers mortgages to previous members of the armed forces. The VA doesn't require any down payment, but it will charge a funding fee that ranges from 1.25% to 3.3%. Lower funding fees are available to borrowers who are able to put something down.

The Federal Housing Administration is another government agency that provides home loans. The FHA loan program requires a 3.5% down payment with just a 580 credit score. Insurance premiums are required by the FHA on any mortgage with a down payment of less than 20%.

For former members of the U.S. military, the Veterans Administration provides an unbeatable deal by offering mortgages with zero down payment required. There is a funding fee for veterans who choose this option, however. It is between 1.25% and 3.3% of the loan's value. Borrowers who choose to make a down payment are offered a lower funding fee. VA loans are underwritten by private banks, and insured by the U.S. government.

USDA loans can help people with low incomes in rural parts of the state qualify for a subsidized low-interest loan.

Housing assistance is available to Pennsylvania residents. There are several programs that offer a variety of services. One in particular helps borrowers with down payments and closing costs. Another program helps Pennsylvanians with disabilities, while yet another provides homebuyer counseling. There are also programs to assist current home owners with property improvements and repairs. The state's real estate services are offered through the Pennsylvania Housing Finance Agency.

The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners dont incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the governments costs in the next disaster.

Typically, homes built after 2002, when building code regulations tightened, are subject to lower insurance rates than older homes. On the other hand, homes with roofs that do not meet current standards for wind, with older plumbing or with outdated electrical systems may be difficult  or very expensive  to insure.

Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.

Hail

Most of the state has a very low to low risk of hail. Counties with higher risk of hail damage include the following.

Tornadoes

Most of the state has a very low risk of tornadoes. The southeastern border of the state is considered to have a moderate tornado risk. York county has a moderate tornado risk, while the following counties have a low risk: Adams, Dauphin, Lancaster & Lebanon.

Laws Particular to the Keystone State

Taxes

Property taxes in Pennsylvania are assessed at the county level, and there is a wide variation in effective tax rates from place to place. For example, residents of Allegheny County pay 2.16%, while Bedford County is at 0.91%.

Philadelphia County, which is the same size as the city, simply uses current market value as assessed value. It charges 0.92%, one of the lowest rates in the state. Neighboring counties, which have some of the area's prime real estate, have much higher rates. A home in Montgomery County, which shares a border with Philadelphia County, is charged $1,440 per $100,000 of assessed value.

Across teh state residents paid an average of $3,900 in property taxes in 2016 at an assessed rate of 1.89%. In Philadelphia property taxes cost home owners an average of $5,324.

Many cities across the state also have extensive realty transfer taxes. Scranton, Philadelphia & Pittsburgh all charge above 4%.

Disclosures

Pennsylvania law requires home sellers to disclose “known material defects” that aren't easily seen. These features include structural problems and similar issues. According to the Pennsylvania Department of State, types of issues that must be noted include roof repairs or damage, pest or termite problems, or plumbing troubles. The problems must be disclosed before the sale is finalized.

Foreclosures

Foreclosures in Pennsylvania are handled within the state's court system. These are known as judicial foreclosures for obvious reasons. Nonjudicial foreclosures, which bypass a court of law, are not available. In the case of loan default, the lender will file a lawsuit at the state level. The complaint is then served, with a summons, to the borrower, who has one month to answer it. After the judge rules in favor of the plaintiff, the property is auctioned off to the highest bidder.

Some counties do have a mediation program to assist parties involved with a foreclosure. These programs can help to circumvent the state's judicial system.

Mortgage defaults in the Keystone State follow the recourse protocol, meaning that a lender can pursue a borrower's personal assets in a court of law, in addition to the loan's collateral. In non-recourse states, the lender can only pursue the collateral, which typically is the home itself.

Pennsylvania allows for deficiency judgments in the case of home auctions that don't produce enough revenue to pay off the corresponding mortgages. A deficiency judgment is not often used in the Keystone State, and it is limited by law to the property's fair market value.

Additional Resources

Although the state had a difficult time climbing out of the Great Recession, property values are now on the rise. The western half of the state offers the lowest real estate prices, although Philadelphia tends to be the state's magnet for job hunters. This economic strength comes at a cost, however, as it doesn't offer the best value in home prices when compared to local incomes.

For further details on Pennsylvania's real estate market, be sure to visit the following sites: